Thursday, December 27, 2007

Dallas Home Prices - Very Slight Decline: Sleep Easy

Dallas has joined the list of cities with overall declining home prices, according to a new economic report.FALLING U.S. HOME PRICESAnnual change as of October:Atlanta-0.7% Boston-3.6% Charlotte4.3% Chicago-3.2% Cleveland-4.5% Dallas-0.1% Denver-1.8% Detroit-11.2% Las Vegas-10.7% Los Angeles-8.8% Miami-12.4% Minneapolis-5.5% New York-4.1% Phoenix-10.6% Portland1.9% San Diego-11.1% San Francisco-6.2% Seattle3.3% Tampa-11.8% Washington-7.0% Composite-6.1%SOURCE: Standard & Poor's Case-Shiller IndexLocal home prices were down just 0.1 percent in October from a year earlier in the monthly S&P/Case-Shiller National U.S. Home Price Index which was released Wednesday.This was the first time Dallas housing prices had turned negative in the annual price comparison. Dallas-area home prices also fell by 0.8 percent in October from September, the benchmark housing report said. Nationwide home prices were down 6.1 percent from a year ago. "No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," economist Robert J. Shiller, one of the authors of the report, said in a statement. Mr. Shiller said that 11 of the 20 cities tracked in the index "recorded their single largest monthly decline on record in October." The largest annual price declines were in Miami (-12.4 percent), Tampa (-11.8 percent) and Detroit (-11.2 percent).Prices were still rising in Charlotte, Portland and Seattle. Along with Dallas, Atlanta joined the list of cities with negative annual prices in the October report. Text By Steve Brown, Dallas Morning News